FX markets were relatively calm during European morning of Wednesday, with trading the dollar virtually unchanged against most of its G10 peers, in the absence of major economic releases. The dollar was lower against the only SEK and NZD.
Yesterday ECB President Draghi said that ECB officials are unanimous to act further if need be and that ECB policy is to remain accommodative for extend period. While the ECB did not alter its policy, the message was dovish, with a wide open door to QE.
EURUSD is staying in range below 1.3717 and above 1.3525. On the downside, break of 1.3576 will turn bias back to the downside for 1.3525. Meanwhile, above 1.3717 will bring another rally.
1.36 is holding the price pretty good lets see if this support will prove to be worthy again or not im waiting to see if we will have a break over or not
Eur/usd probably continue to be bearish in response to the news that an entity in Portugalās Espirito Santo Financial Group missed some short-term debt repayments.
[QUOTE=ācsc2009;641467ā]Eur/usd probably continue to be bearish in response to the news that an entity in Portugalās Espirito Santo Financial Group missed some short-term debt repayments.[/QUOTE]
Thoughts on EUR/JPY?
Eur/usd trend has not exactly changed, I wonder will it continue this trend tomorrow?
yes we are still waiting more down on eur/usd
Although yesterday session looks like a panic sell-off on EURUSD, the market is still trading in the middle of its one month range so trading conditions are being controlled. The situation in Portugal should be watched closely by traders to determine whether this is an isolated incident, or something that could spread to other nations.
The news brought again to light the problems faced by European banks, particularly those in the European periphery (Ireland, Portugal, Spain, Italy and Greece), which has not yet fully recovered from the financial crisis. Moreover, the EU has not yet finalized its rules on how to deal with troubled banks. Lately, the market may be expressing doubts whether the plan of an ECB refinancing operation towards the long term (TLTRO) will be able to bring European banks lending again and revive the economic stability of the Eurozone. The news Thursday also showed sharp declines in industrial production in France and Italy, in May, according to previous reports of decline in production in Germany and Spain during the month. As a result of these questions, a Spanish bank had to cancel a sale of securities and trading was halted in several Italian banks.
Renovated in the European banking sector risk is negative for the euro and positive for the dollar, the yen and gold
all i can say im glad that i dont have any open trades on the pair
Iād say chances are very good that EUR/USD will continue to fall. Many things seem to lead to that assumption.
While the eur/usd price stand in the tight range between 1.35 and 1.37, itās very hard to decide upward or downward breakout will happen. I hope next couple of weeks will be clarified for us.
Totally agree, I hope so too.
yes i agree with you also after Mario Draghi speech we should look at 1.354
EURUSD went up and down during the course of the session on Friday, making an inside day and essentially holding the 1.36 level again. That being the case, the market seems like itās ready to move upward to the resistance at the 1.37 level again.
We have a fresh start of the week, the EUR/USD picked up a momentum and tested a 4-day high of 1.3640.
This evening we have the ECB President Draghiās speech and the Eurozone will release May industrial production figures. I think we will have a interesting day ahead of us.
Fresh start, maybe, but I think we have to wait for Draghiās speech this evening.
you think draghi speech will change anything?
Doesnāt look like it, is it over?
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